Chicago—Ascent Technologies, Chicago—Ascent Technologies, a leading regulatory technology (regtech) company, has been chosen as one of four startups to take part in the BMO Harris / 1871 Innovation Program.
The program is focused on engaging and mentoring early-stage technology startups in Chicago and Wisconsin that have innovative solutions in lending, financial planning, digital tools and data analytics.
"We're fortunate to have many major corporations right in our backyard and connecting them with startups in order to share ideas, talent, and resources is an opportunity that benefits everyone," said Betsy Ziegler, Chief Executive Officer, 1871 when announcing the 2018 competition. "BMO Harris is an outstanding example of a corporation that is a deep part of Chicago's innovation story, and we are pleased to work closely with them again this year to help even more entrepreneurs achieve their full potential."
"Last year's program was a great success; we continue having discussions with all three winners to pilot their services because we find value in what they have to offer," said Ernie Johannson, Group Head, U.S. Personal and Business Banking, BMO Harris Bank. "This year we are excited not only to continue the partnership with 1871, but also to welcome new partners in Wisconsin to amplify our talent pool and create new synergies all around."
Brian Clark, CEO and Co-founder of Ascent thanked BMO Harris Bank and 1871 for the opportunity. “All of us at Ascent are thrilled to be chosen for this program and we’re grateful to BMO Harris Bank and 1871. Ascent has proven regtech solutions that have been implemented at a wide variety of financial institutions, and we’re looking forward to working with BMO Harris as we continue to refine and enhance our regtech offerings to best support the complex business processes for large banks.”
The BMO Harris / 1871 Innovation Program includes a four-month mentorship program with access to mentors and resources and the potential opportunity to pilot technology with BMO Harris.
Ascent uses AI and NLP to transform raw regulatory data into discrete actions for compliance departments. Ascent analyzes millions of data points from rules and documentation and works with customers to automate a customized end-to-end regulatory process. For each customer, Ascent produces custom workflows, documentation, and compliance manuals uniquely tailored to the specific requirements of each firm.